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By now, you’ve probably heard that artificial intelligence (AI) is growing rapidly—perhaps you are even considering developing an AI-based idea. Or, maybe you know a bit about AI, but aren’t completely aware of its potential. Well—we have great news for you! We put together this informational guide about AI, just for you. Join us as we provide an overview of AI, and in later posts, dive deeper into the patent process for AI ideas.

Audio-video technology continues to explode and in turn, virtual reality and augmented reality technology are two of the hottest commodities in the technology field. While most people are familiar with the concept of virtual reality, many don’t understand augmented reality, the difference between the two, or how the small players are impacting the industry and increasing the importance of patents moving forward.

Along with blockchain and the Internet of Things, virtual reality is in the top three technologies changing our world. While we’re still seeing advancements for all of these, VR seems to have the fastest growth in various industries. With VR being used in everything from retail to sports, it’s not unnoticed the technology behind this needs as much protection as possible.

If you keep up on what’s going on in technology and cryptocurrency in particular, you’ve heard a lot about blockchain. It’s the technology backbone to how cryptocurrencies like bitcoin get sent from one place to the next. However, blockchain is about to explode into a game-changing technology across countless industries.

It may be hard to believe, but Bitcoin, the first viable application of blockchain technology, is less than a decade old. The vast financial potential of Bitcoin, cryptocurrency, blockchain and distributed ledgers are driving many companies to become experts in the new field with incredible speed.

There is no market more in need of disruption than the traditional financial industry, and the next generation of FinTech companies appear to have an open field in redefining the new normal. FinTech financing has exploded by 700 percent over the past three yearsand the market is now worth more than $20 billion, far outstripping projections by analysts.

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Patent myths - debunked

We are frequently asked this question by innovators and entrepreneurs who aren’t certain whether their idea actually qualifies for a patent. Or, they are concerned that they haven’t done enough work on their idea to get a patent. For example, they ask “Can I patent my idea?” Or, “What can be patented.” To answer this question, we’ll tackle a few myths that keep popping up.

MYTH #1- YOU NEED TO BUILD A PROTOTYPE BEFORE YOU CAN GET A PATENT

You can patent your idea without a working prototype. You don’t even need a proof of concept. Indeed, for software and hardware, all you need is design with enough details. What’s enough details? Enough information that someone who understands the technological area of your idea could understand how to build and use it. So how to get a patent for an idea essentially starts with having enough details for others to be able to picture it actually working.

Actually if you do come up with a perpetual motion machine that works, we’d like to see a working prototype too (and know how you managed to violate the laws of physics)!

MYTH #2- YOU JUST NEED AN IDEA TO GET A PATENT

While you can patent your idea without a working prototype or even a proof of concept, you do need to have a good design for your idea. The design provides the details described above, so that others can build and use your idea.

But why does that matter? It matters because a patent represents an exchange between you, the innovator, and the public. The public wants all of the details of your innovation. You, understandably, don’t want the public to steal your idea- so you might decide to keep your idea under trade secret protection (like the Coca-Cola recipe).

A patent represents a balance between these 2 competing desires. The US Patent and Trademark Office, representing the the public, incentivizes you and other innovators to file a patent by granting you a monopoly right to the idea protected by the patent. In exchange, you have to give enough details so that others can understand your innovation- and build on it for the future.

If you are interested to learn more about patents, join our free Patent Community of like-minded innovators and claim the amazing perks!

So if you just have an idea- without any details- you aren’t holding up your end of the bargain. Getting a patent requires you to provide enough details so that others can make and use your idea.

MYTH #3- GETTING A PATENT IS TOO EXPENSIVE FOR A STARTUP

Actually getting a patent doesn’t have to be expensive. For one thing, as we discussed in our post on “How To Get A Patent”, the process takes several years. During that time, you will only need to pay for various stages intermittently, so that the total cost doesn’t land on you all at once.

You can also get your foot in the door of the patent process. You can file a provisional patent by filing a provisional application. The provisional application won’t become a patent, but it gives you one year to raise enough money (or refine your idea enough) to continue the process.

MYTH 4- YOU CAN GET A PATENT FOR ANYTHING

You can only get a patent on an idea that meets the high patent quality standards set forth by the USPTO.

One really important standard to meet is the patentable category. Any discussion of what can be patented starts with whether the idea falls into a category of ideas that can be patented. Yes- there is a list.

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